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Phillips Esq., Attorney-at-Law

Category: Bankruptcy Law

Satisfied Customers: 14252

Experience: B.A.; M.B.A.; J.D.

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I am considering filing for bankrupcy chapter 7. I am recieving

Customer Question

I am considering filing for bankrupcy chapter 7. I am recieving $941.00 monthly in service connected compesentation. How does this compensation affect qualifying our income for the means test for bankruptcy?

If you incurred the debts primarily when you were in active duty, the Means Test does not apply to you--you are exempt from the Means Test.

If you do not qualify under the disabled veteran exemption, then your VA compensation would be included in your income to calculate the Means Test, but your Social Security monthly payments would not be included. Your wife's income alone would put you over the median income for your household size in Michigan, which is currently $49, 919.00. Then, if your VA compensation is added, it would be very difficult for you to qualify for a Chapter 7. Again, you do not need to do any of these calculations, if you meet the disabled veteran's exemption to the Means Test.

I will tell you that...the things you have to go through to be an Expert are quite rigorous.

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